Multi-function devices are always a compromise, so it depends how much the function means to you. If you're a keen photographer, you're going to have a separate camera. If not, then a phone camera will probably do. As a keen reader, I like to have a dedicated reader (or three). Reading is important enough to me that I don't want the compromise solution of a tablet or phone. Although I'll still use both if I need to, just as the photographer will still take phone snaps if it's all they have with them.
In reality, the phone part of a smartphone is one of the least useful to me. In fact I currently use an iPod Touch, which doesn't have a phone part, and have a separate old-school Nokia phone which is hardly ever switched on. The wifi, audio and app capabilities are more important to me, although I would kind of like to have a proper mobile internet connection some day soon.
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